Image by Flickr user Jason Dirks

Update March 29:

South Carolina has lost out in the first round of the 'Race to the Top' competition to Delaware and Tennessee.

This isn't all bad news. There will be a second round in which South Carolina will be able to vie for a chunk of the $3.4 billion being offered up by the federal government.

The Post and Courier has the story.

South Carolina, along with 14 other states and the District of Columbia have been selected as finalists in the first round of the federal government's 'Race to the Top' program.

Finalists are headed to Washington D.C. in mid-March to present their proposals on comprehensive education reform that would take place if they were awarded the chunk of $4.35 billion that is up for grabs.

The Post and Courier has the exciting news.

First reporting:

This week, the State of South Carolina will learn if it will get nearly $300 million in federal Race to the Top money that would go solely to comprehensive education reform.

According to The Post and Courier, the four area of reform are:

-- Adopting standards and tests that prepare students to compete globally.

-- Building systems to measure student growth and improve instruction.

-- Recruiting and retaining top teachers and principals.

-- Turning around low-achieving schools.

The federal government hasn't declared how many states of the 40 that applied for the grant will be winners, but Liam Goldrick, director of policy for the New Teacher Center said he "...would be very surprised if (South Carolina) was selected in the first round, although I think it has a chance in round two."

Hop over to The Post and Courier for all the details on The Palmetto state's chances on winning a nice chunk of change that could help turn the state's education system around.